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Abraham Michelson
About | Practice Areas
The Michelson Law Office
203 North Lasalle Street Suite 2100 Chicago, IL 60601Â» view map
Bankruptcy, Chapter 7, Chapter 13
Chicago Bankruptcy Lawyer

When your finances are at stake, choose the best. Don't sink deeper in debt. Contact The Michelson Law Office

800-824-6431
1. Abraham Michelson Chicago, IL
  Attorney at Law - Illinois, 2013
  Thomas Cooley, JD, 2004
2. AboutAbraham Michelson
  Our legal team can advise you on your options for negotiating a solution.
3. Practice AreasServices
  Find out how an experienced attorney can help end calls and prevent lawsuits.
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Edmond Joseph Hakimian

Medical Products & Devices, Workers' Compensation, Collection, Accident & Injury, Medical Products & Devices

Status: Licensed: 15 Years

CONTACT

31-01 90Th Street, East Elmhurst, NY 11369

Jorge Armando Vasquez

Divorce & Family Law, Real Estate, Bankruptcy & Debt, Criminal, Litigation

Status: Licensed: 11 Years

FREE CONSULTATION

CONTACT

8408 Queens Blvd, Elmhurst, NY 11373

Gerard Michael Bambrick

Real Estate, Bankruptcy & Debt

Status: Licensed: 36 Years

CONTACT

318 Carnation Ave, Floral Park, NY 11001

Carrie Lynn O'Connell

Divorce & Family Law, Immigration, Bankruptcy & Debt, Real Estate, Criminal

Status:

CONTACT

109-28 Saultell Ave, Flushing, NY 11368

Zhaotong Li

Wills & Probate, Estate, Bankruptcy & Debt

Status: Licensed: 15 Years

CONTACT

13633 37Th Ave, Flushing, NY 11354

Jim Li

Industry Specialties, Business, Bankruptcy & Debt

Status: Licensed: 27 Years

CONTACT

13656 39Th Ave, Flushing, NY 11354

Yiming A. Zhu

Lawsuit & Dispute, Immigration, Bankruptcy & Debt

Status: Licensed: 32 Years

CONTACT

136-56 39Th Ave, Flushing, NY 11354

Jeremy H. Wang

Immigration, Licensing, Administrative Law, Bankruptcy

Status: Licensed: 15 Years

CONTACT

3808 Union St, Flushing, NY 11354

Baya Whitman Harrison

International, Immigration, Divorce & Family Law, Corporate, Commercial Bankruptcy

Status: Licensed: 10 Years

CONTACT

3808 Union St, Flushing, NY 11354

Stephen Chou

Commercial Real Estate, Foreclosure, Bankruptcy

Status: Licensed: 12 Years

CONTACT

3808 Union St, Flushing, NY 11354

800-814-6700

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LEGAL TERMS

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

ABUSE

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because ... (more...)

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because the debtor appears to have enough disposable income to fund a Chapter 13 repayment plan.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

LOSS DAMAGE WAIVER (LDW)

Rental car insurance that makes the rental car company responsible for damage to or theft of a rental car. This insurance is a major consumer ripoff, as it ofte... (more...)

Rental car insurance that makes the rental car company responsible for damage to or theft of a rental car. This insurance is a major consumer ripoff, as it often duplicates coverage provided by the renter's regular car insurance and/or the credit card she uses to rent the car. Nevertheless, hard-sell practices by rental car agents often dupe people into buying LDWs they don't really need. LDW is also called 'collision damage waiver.'

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

S CORPORATION

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status fro... (more...)

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status from the Internal Revenue Service. Electing to do business as an S corporation lets shareholders enjoy limited liability status, as would be true of any corporation, but be taxed like a partnership or sole proprietor. That is, instead of being taxed as a separate entity (as would be the case with a regular or C corporation) an S corporation is a pass-through tax entity: income taxes are reported and paid by the shareholders, not the S corporation. To qualify as an S corporation a number of IRS rules must be met, such as a limit of 75 shareholders and citizenship requirements.

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working fo... (more...)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working for collection agencies. The law does not apply to creditors collecting their own debts. This law has greatly improved conditions for debtors, although more than a few debt collectors ignore the law. If a collection agency violates the law, debtors can contact the Federal Trade Commission for help.

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Auburndale Bankruptcy & Debt Lawyer, New York, page 3

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Edmond Joseph Hakimian

Jorge Armando Vasquez

Gerard Michael Bambrick

Carrie Lynn O'Connell

Zhaotong Li

Jim Li

Yiming A. Zhu

Jeremy H. Wang

Baya Whitman Harrison

Stephen Chou

TIPS

LEGAL TERMS

SOLE PROPRIETORSHIP

ABUSE

GUARANTOR

LOSS DAMAGE WAIVER (LDW)

IRS EXPENSES

ACCORD AND SATISFACTION

CHAPTER 13 PLAN

S CORPORATION

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

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